Kemira OyjOMXHEX: KEMIRA

Q3 2026 Interim Report

Oct 23, 2026 at 1:45 AM EDT · Issued by Kemira Oyj

Summary by 6ix AI

Kemira, which supplies chemicals for water treatment and the packaging, paper and pulp industries, reported that revenue for July-September 2026 rose 3% to EUR 708.9 million (EUR 687.7 million a year earlier), mainly from acquisitions. Operative EBITDA (core earnings before interest, taxes, depreciation and amortization) fell 18% to EUR 112.8 million, mainly from cost inflation following the Middle East conflict.

Key details

For July-September 2026, the operative EBITDA margin was 15.9% (20.0%), net profit was EUR 34.5 million (EUR 61.6 million), diluted earnings per share were EUR 0.21 (EUR 0.38) and cash flow from operating activities was EUR 57.0 million (EUR 132.2 million).
For January-September 2026, revenue fell 1% to EUR 2,079.3 million (EUR 2,089.9 million), operative EBITDA fell 16% to EUR 341.8 million (EUR 404.6 million) and diluted earnings per share were EUR 0.73 (EUR 1.10).
Kemira reiterated its 2026 outlook: revenue between EUR 2,600 and EUR 3,000 million and operative EBITDA between EUR 400 and EUR 500 million.
During the quarter Kemira acquired the business of ANMAC Water Treatment Service, Inc. in the US in July and REPUR S.r.l. in Italy in August. On October 1, 2026, it completed the acquisition of SIDRA Wasserchemie in Germany, for approximately EUR 75 million subject to usual purchase price adjustments, after approval by the German Federal Cartel Office.
Net debt including lease liabilities was EUR 648.6 million at the end of September 2026 (EUR 292.1 million), an increase resulting from share buybacks and acquisitions; net debt to operative EBITDA was 1.4.

What’s still pending

The 2026 revenue and operative EBITDA ranges are expectations, not results.
The outlook assumes raw material and logistics cost inflation of around EUR 100 million for full-year 2026, roughly 50% of which is expected to be covered by price increases.
The outlook also assumes no major disruptions to manufacturing or the supply chain and a steady US dollar.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/kemira-oyj-q3-2026-interim-report

Watch Kemira's latest callKemira (Helsinki:KEMIRA) Q2 2026 Earnings Call · Replay · Jul 17 Read the transcript of Kemira (Helsinki:KEMIRA) Q2 2026 Earnings Call

January-September 2026

Interim Report

Table of contents
January-September 2026 interim report		Financials of Q3 2026
Executive summary ...........................................................................................	3	Consolidated Income Statement...................................................................	24
Key figures and ratios .......................................................................................	6	Consolidated Statement of Comprehensive Income ................................	24
Financial performance July-September 2026 ...........................................	7	Consolidated Balance Sheet...........................................................................	25
Financial performance January-September 2026......................................	9	Consolidated Statement of Cash Flow.........................................................	26
Balance sheet .....................................................................................................	11	Consolidated Statement of Changes in Equity...........................................	27
Financial position and cash flow ....................................................................	11	Group key figures...............................................................................................	29
Capital expenditure...........................................................................................	11	Definitions of key figures.................................................................................	32
Research & Innovation......................................................................................	11	Reconciliation to IFRS figures ........................................................................	33
Personnel.............................................................................................................	11
Sustainability ......................................................................................................	12	Notes of the January-September 2026 interim report
Business units.....................................................................................................	14	1 Quarterly segment information ...........................................................	35
Water Solutions .......................................................................................	14	2 Changes in property, plant and equipment.......................................	37
Packaging & Hygiene Solutions ...........................................................	16	3 Changes in goodwill and other intangible assets ............................	37
Fiber Essentials.......................................................................................	18	4 Changes in right-of-use assets............................................................	37
Kemira Oyj's shares and shareholders..........................................................	20	5 Derivative instruments ..........................................................................	37
Authorizations by the AGM..............................................................................	20	6 Fair value of financial assets................................................................	37
Dividend ...............................................................................................................	20	7 Fair value of financial liabilities...........................................................	38
Short-term risks and uncertainties ...............................................................	20	8 Business combinations..........................................................................	39
Events after the review period........................................................................	22	9 Assets held for sale ................................................................................	41
Outlook for 2026 ................................................................................................	22	10 Contingent liabilities and litigation.....................................................	42
		11 Related party ...........................................................................................	42
		12 Basis of preparation and accounting principles..............................	43
		Critical accounting estimates and judgments .................................	43
		13 Events after the review period.............................................................	43

‌Revenue increased mainly driven by acquisitions, profitability burdened by high raw material costs Q3 2026 performance

Revenue increased by 3%, amounting to EUR 708.9 million (687.7), mainly driven by acquisitions. Revenue in local currencies, excluding acquisitions and divestments, was stable.
Revenue increased year-on-year in Water Solutions and in Packaging & Hygiene Solutions but decreased in Fiber Essentials.
Sales prices increased year-on-year, while volumes decreased. Sequentially, sales prices and volumes increased.
Operative EBITDA decreased by 18%, to EUR 112.8 million (137.3). Operative EBITDA margin was 15.9% (20.0%). The decrease resulted mainly from cost inflation following the conflict in the Middle East.
Operative EBITDA margin declined to 19.7% in Water Solutions (23.1%), to 9.3% in Packaging & Hygiene Solutions (13.6%) and to 19.3% in Fiber Essentials (24.1%).
EBITDA was EUR 110.6 million (134.4) and EBITDA margin was 15.6% (19.5%).
Operative EBIT decreased by 32%, to EUR 59.3 million (87.8). Operative EBIT margin was 8.4% (12.8%).
EBIT decreased by 36%, to EUR 54.2 million (84.9).
Cash flow from operating activities declined to EUR 57.0 million (132.2).
January-September 2026 performance
Revenue decreased by 1%, to EUR 2,079.3 million (2,089.9). Revenue in local currencies, excluding acquisitions and divestments, decreased by 2%.
Revenue increased year-on-year in Water Solutions and decreased in Packaging & Hygiene Solutions and in Fiber Essentials.
Sales prices and volumes declined year-on-year.
Operative EBITDA decreased by 16%, to EUR 341.8 million (404.6), mainly driven by cost inflation and lower prices and volumes. Operative EBITDA margin was 16.4% (19.4%).
Operative EBITDA margin declined to 18.5% in Water Solutions (22.5%), to 10.3% in Packaging & Hygiene Solutions (11.8%) and to 22.7% in Fiber Essentials (25.5%).
EBITDA was EUR 337.5 million (398.3) and EBITDA margin was 16.2% (19.1%).
Operative EBIT decreased by 29%, to EUR 182.6 million (256.9). Operative EBIT margin was 8.8% (12.3%).
EBIT decreased by 30%, to EUR 175.4 million (250.4).
Cash flow from operating activities decreased to EUR 207.9 million (251.1).
EPS (diluted) was EUR 0.73 (1.10).
REVENUE BY BUSINESS UNIT, Q 3 2026
EPS (diluted) was EUR 0.21 (0.38).

18%

47%

Water Solutions

Packaging & Hygiene Solutions Fiber Essentials

35%

Outlook for 2026 (last updated on June 10, 2026) R E V E N U E

Kemira's revenue is expected to be between EUR 2,600 and EUR 3,000 million in 2026 (2025 revenue: EUR 2,753.5 million).

O P E R A T I V E E B I T D A

Kemira's operative EBITDA is expected to be between EUR 400 and EUR 500 million in 2026 (2025 operative EBITDA: EUR 524.6 million).

A S S U M P T I O N S B E H I N D T H E O U T L O O K

The demand in Kemira's end-markets remains weak due to continued global economic uncertainty and geopolitical tensions and the raw material and logistics cost environment continues to be volatile. The outlook assumes that the negative impact of raw material and logistics cost inflation on Kemira's full-year 2026 cost base is around EUR 100 million, of which roughly 50% will be covered by price increases. The outlook assumes no major disruptions to Kemira's manufacturing operations or the supply chain and the US dollar to remain steady.

Kemira's President & CEO, Antti Salminen:

"In Q3, raw material cost inflation and volatility continued, and Kemira's operating environment remained challenging. While our revenue increased year-on-year, driven by the positive impact from acquisitions, our profitability was burdened by higher raw material costs following the Middle East conflict. As a result, our operative EBITDA margin declined. We have taken measures to mitigate the impact of the higher raw material costs while maintaining good control of our fixed costs.

In the third quarter, Kemira's market environment continued to be affected by the uncertainty in the global economy. However, demand has remained broadly stable over the past couple of quarters. The demand environment remains stable in our urban water business, our industrial water business continues to be affected by volatility and demand remains slow in our pulp and packaging businesses.

Our Q3 revenue increased versus a year ago, mainly driven by acquisitions. Excluding currency effects and the impact of acquisitions, revenue was stable. At the same time, our operative EBITDA margin weakened to 15.9% as we were only partially able to offset raw material and other variable cost inflation by customer price increases.

In Water Solutions, revenue grew from the previous year, mainly due to acquisitions. Following cost inflation, the operative EBITDA margin declined to 19.7%. Towards the end of the quarter, the positive impact of the customer price increases started to materialize. In Packaging & Hygiene Solutions, revenue increased year-on-year, driven by higher sales prices and volume growth. However, the operative EBITDA margin decreased to 9.3%, primarily due to raw material cost inflation and a weaker sales mix. Given the continued softness in the packaging and paper markets, particularly in Europe and APAC, passing on higher costs to customer prices remains challenging. In Fiber Essentials, the Nordic pulp market remained subdued and revenue decreased year-on-year against a soft comparison period. Volumes declined in both bleaching and base chemicals and the operative EBITDA margin weakened to 19.3%. In addition, the maintenance break at the Olkiluoto nuclear power plant had a negative impact of approximately EUR 2 million on Fiber Essentials' Q3 result.

Despite the market headwinds, we continued to execute our strategy and completed two acquisitions during the quarter. In July, we strengthened our industrial water services by acquiring the business of ANMAC Water Treatment Service, Inc. in the US. In August, we

acquired REPUR S.r.l., an Italy-based provider of activated carbon reactivation services for municipal and industrial water treatment applications. In addition, the acquisition of SIDRA Wasserchemie, announced in early February, was completed at the beginning of October, following approval by the German Federal Cartel Office.

Looking ahead, we do not expect any major changes in the demand environment in the fourth quarter. At the same time, the raw material environment remains volatile, creating continued uncertainty around input costs. We reiterate our financial outlook for the year and expect our 2026 revenue to be between EUR 2,600 million and EUR 3,000 million and our 2026 operative EBITDA to be between EUR 400 million and EUR 500 million. Our estimate for the negative full-year impact from higher raw material and logistics costs remains unchanged at around EUR 100 million, of which we expect to offset roughly 50% through price increases.

In the challenging current operating environment, our key priority is to ensure Kemira's competitiveness. We remain focused on the things we can control: operational efficiency, customer service and cost management. At the same time, we remain fully committed to executing our strategy and to investing in long-term growth. We play an important role in ensuring clean water for millions of people every day and in advancing a circular future for the packaging and fiber industry."

‌KEY FIGURES AND RATIOS

EUR million	Jul-Sep 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Revenue	708.9	687.7	2,079.3	2,089.9	2,753.5
Operative EBITDA	112.8	137.3	341.8	404.6	524.6
Operative EBITDA, %	15.9	20.0	16.4	19.4	19.1
EBITDA	110.6	134.4	337.5	398.3	485.8
EBITDA, %	15.6	19.5	16.2	19.1	17.6
Operative EBIT	59.3	87.8	182.6	256.9	324.4
Operative EBIT, %	8.4	12.8	8.8	12.3	11.8
EBIT	54.2	84.9	175.4	250.4	274.1
EBIT, %	7.6	12.3	8.4	12.0	10.0
Net profit for the period	34.5	61.6	117.0	180.8	194.1
Earnings per share, diluted, EUR	0.21	0.38	0.73	1.10	1.18

Unless otherwise stated, all comparisons in this report are made to the corresponding period in 2025.

Kemira provides certain financial performance measures (alternative performance measures) that are not defined by IFRS. Kemira believes that alternative performance measures followed by capital markets and by Kemira management, such as revenue growth in local currencies, excluding acquisitions and divestments (=organic growth), EBITDA, operative EBITDA, operative EBIT, cash flow after investing activities and gearing provide useful information on Kemira's comparable business performance and financial position. Selected alternative performance measures are also used as performance criteria in remuneration.

EUR million	Jul-Sep 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Capital employed*	2,140.0	1,923.9	2,140.0	1,923.9	1,972.0
Operative ROCE*, %	11.7	17.8	11.7	17.8	16.5
ROCE*, %	9.3	16.5	9.3	16.5 251.1	13.9
Cash flow from operating activities	57.0	132.2	207.9	16.5 251.1	378.2
Capital expenditure, excl. acquisitions	43.6	47.8	120.6	119.1 141.5	196.7
Capital expenditure	80.7	47.8	170.9	119.1 141.5	344.8
Cash flow after investing activities	-14.7	84.4	48.8	158.2	82.5
Equity ratio, % at period-end	50	55	50	55	54
Equity per share, EUR	11.19	11.29	11.19	11.29	11.23
Gearing, % at period-end	40	17	40	17	30

*12-month rolling average

Kemira's alternative performance measures should not be viewed in isolation from the equivalent IFRS measures and alternative performance measures should be read in conjunction with the most directly comparable IFRS measures. Definitions of the alternative performance measures can be found in the definitions of the key figures in this report, as well as at https://www.kemira.com > Investors > Financial information. All the figures in this report have been individually rounded and consequently the sum of the individual figures may deviate slightly from the total figure presented.

Revenue

687.7 663.7 677.3 693.0 708.9

119.9

117.3

111.7

112.8

20.0%

18.1%

17.3%

16.1%

15.9%

137.3

Operative EBITDA and operative EBITDA margin

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

‌Financial performance in Q3 2026

Revenue	Jul-Sep 2026 EUR million	Jul-Sep 2025 EUR million	∆%	Organic growth*, %	Currency impact, %	Acq. & div. impact, %
Water Solutions	330.7	313.9	+5	-1	+1	+6
Packaging & Hygiene Solutions	251.2	239.4	+5	+4	+1	0
Fiber Essentials	127.0	134.3	-5	-6	+1	0
Total	708.9	687.7	+3	0	+1	+3

Operative EBITDA	Jul-Sep 2026 EUR million	Jul-Sep 2025 EUR million	∆%	Jul-Sep 2026 %-margin	Jul-Sep 2025 %-margin
Water Solutions	65.0	72.5	-10	19.7	23.1
Packaging & Hygiene Solutions	23.3	32.6	-29	9.3	13.6
Fiber Essentials	24.6	32.3	-24	19.3	24.1
Total	112.8	137.3 -18		15.9	20.0

*Revenue growth in local currencies, excluding acquisitions and divestments.

Variance analysis, EUR million	Jul-Sep
Operative EBITDA, 2025	137.3
Sales volumes	-6.3
Sales prices	+11.1
Variable costs	-34.8
Fixed costs	+7.6
Currency exchange	-1.0
Acquisitions	+1.7
Others	-2.9
Operative EBITDA, 2026	112.8

Revenue increased by 3%, amounting to EUR 708.9 million (687.7), mainly driven by the positive M&A impact. Sales prices increased while volumes declined. Revenue in local currencies, excluding acquisitions and divestments, was stable. Revenue increased in Water Solutions and in Packaging & Hygiene Solutions but declined in Fiber Essentials.

Operative EBITDA decreased by 18%, to EUR 112.8 million (137.3), mainly as a result of cost inflation following the Middle East conflict. The operative EBITDA margin decreased to 15.9% (20.0%). The operative EBITDA margin declined in all three business units.

EBITDA decreased by 18%, to EUR 110.6 million (134.4). Items affecting comparability consisted mainly of transaction and restructuring and streamlining costs, in both the review and the comparison periods.

Items affecting comparability, EUR million	Jul-Sep 2026	Jul-Sep 2025
Within EBITDA	-2.3	-3.0
Water Solutions	-1.3	-1.2
Packaging & Hygiene Solutions	-0.7	-0.6
Fiber Essentials	-0.2	-1.2
Within depreciation, amortization and impairments	-2.9	0.0
Water Solutions	0.0	0.0
Packaging & Hygiene Solutions	-2.9	0.0
Fiber Essentials	0.0	0.0
Total items affecting comparability in EBIT	-5.1	-3.0

OPERATIVE EBITDA, BY BUSINESS UNIT

Depreciation, amortization and impairments were EUR 56.4 million (49.5), including EUR 3.7 million (2.3) of amortization of purchase price allocation.

22%

21%

58%

Water Solutions

Packaging & Hygiene Solutions Fiber Essentials

Operative EBIT decreased by 32%, to EUR 59.3 million (87.8). EBIT decreased by 36%, to EUR

54.2 million (84.9). The difference between EBIT and operative EBIT is explained by items affecting comparability, which are described in the EBITDA section above.

Net finance items totaled EUR -8.9 million (-5.3). Income taxes were EUR -10.8 million (-18.0).

Net profit for the period decreased by 44%, to EUR 34.5 million (61.6), mainly as a result of the decline in EBITDA due to cost inflation.

‌Financial performance in January-September 2026

Revenue	Jan-Sep 2026 EUR million	Jan-Sep 2025 EUR million	∆%	Organic growth*, %	Currency impact, %	Acq. & div. impact, %
Water Solutions	957.8	926.4	+3	-1	-1	+5
Packaging & Hygiene Solutions	724.1	733.4	-1	0	-1	0
Fiber Essentials	397.4	430.0	-8	-7	-1	0
Total	2,079.3	2,089.9	-1	-2	-1	+2

Operative EBITDA	Jan-Sep 2026 EUR million	Jan-Sep 2025 EUR million ∆%	Jan-Sep 2026 %-margin	Jan-Sep 2025 %-margin
Water Solutions	177.1	208.3 -15	18.5	22.5
Packaging & Hygiene Solutions	74.7	86.8 -14	10.3	11.8
Fiber Essentials	90.1	109.5 -18	22.7	25.5
Total	341.8	404.6 -16	16.4	19.4

*Revenue growth in local currencies, excluding acquisitions and divestments.

Revenue decreased by 1%, to EUR 2,079.3 million (2,089.9), following currency impact and lower volumes and prices. Revenue in local currencies, excluding acquisitions and divestments, decreased by 2%.

Geographically, the revenue split was as follows: EMEA (Europe, Middle East, Africa) 54% (54%), the Americas 38% (37%) and Asia Pacific 9% (9%).

Operative EBITDA decreased by 16%, to EUR 341.8 million (404.6), mainly due to cost inflation and lower prices and volumes. The operative EBITDA margin decreased to 16.4% (19.4%). The operative EBITDA margin declined in all business units.

EBITDA decreased by 15%, to EUR 337.5 million (398.3). Items affecting comparability consisted mainly of restructuring and streamlining costs and transaction costs, in both the review and the comparison periods.

Variance analysis, EUR million	Jan-Sep
Operative EBITDA, 2025	404.6
Sales volumes	-12.5
Sales prices	-14.4
Variable costs	-38.2
Fixed costs	+1.2
Currency exchange	-1.4
Acquisitions	+6.1
Others	-3.7
Operative EBITDA, 2026	341.8

Items affecting comparability, EUR million	Jan-Sep 2026	Jan-Sep 2025
Within EBITDA	-4.3	-6.4
Water Solutions	-5.0	-2.8
Packaging & Hygiene Solutions	-0.6	-1.8
Fiber Essentials	1.3	-1.7
Within depreciation, amortization and impairments	-2.9	-0.1
Water Solutions	0.0	-0.2
Packaging & Hygiene Solutions	-2.9	0.1
Fiber Essentials	0.0	0.0
Total	-7.2	-6.5

Depreciation, amortization and impairments were EUR 162.1 million (147.9), including the EUR 9.6 million (5.9) amortization of purchase price allocation.

Operative EBIT decreased by 29%, to EUR 182.6 million (256.9). EBIT decreased by 30%, to EUR 175.4 million (250.4). The difference to operative EBIT is explained by items affecting comparability which are described in the EBITDA section above.

Net finance items totaled EUR -22.8 million (-17.3). Income taxes were EUR -35.6 million (-52.3), with a reported tax rate of 23% (22%).

Net profit for the period decreased by 35%, to EUR 117.0 million (180.8), mainly as a result of lower EBITDA.

‌Balance sheet

At the end of September, the Group consolidated balance sheet totaled EUR 3,282.1 million (3,175.4). The total equity was EUR 1,636.0 million (1,738.5). The equity attributable to equity owners of the parent company was EUR 1,619.5 million (1,721.3), translating into EUR 11.19 per share (11.29).

‌Net working capital totaled EUR 350.9 million (285.1). The increase in net working capital resulted mainly from acquisitions and the increase in inventories following raw material inflation. Sequentially, net working capital increased by EUR 35.0 million, mainly due to the increase in inventories.

‌Financial position and cash flow

Cash flow from operating activities in January-September 2026 was EUR 207.9 million (251.1). The decrease was mainly driven by lower net profit and the change in net working capital.

Cash flow after investing activities was EUR 48.8 million (158.2). In March, Kemira's supplementary pension fund, Neliapila, returned excess capital totaling EUR 10 million. In the comparison period Kemira received USD 50 million as proceeds from the sale of its Oil & Gas business as well as an excess capital return of EUR 10 million from its supplementary pension fund.

At the end of the period, interest-bearing liabilities totaled EUR 876.0 million (691.8), including lease liabilities of EUR 179.0 million (163.8). The increase in interest-bearing liabilities was mainly driven by share buybacks and acquisitions. The average interest rate of the Group's interest-bearing loan portfolio (excluding leases) was 2.7% (2.5%) and the duration was 6 months (12). Fixed-rate loans accounted for 58% (125%) of net interest-bearing liabilities, including lease liabilities.

‌Short-term liabilities, maturing in the next 12 months, amounted to EUR 234.8 million. On September 30, 2026, cash and cash equivalents totaled EUR 227.4 million (399.7). The Group has a EUR 400 million undrawn committed credit facility, which matures in 2031.

At the end of the period, Kemira Group's net debt was EUR 648.6 million (292.1), including lease liabilities. The increase in net debt has resulted from both share buybacks and acquisitions. The equity ratio was 50% (55%) while gearing was 40% (17%). At the end of September 2026, net debt / operative EBITDA was 1.4.

Capital expenditure

In January-September 2026, capital expenditure excluding acquisitions increased by 1%, to EUR 120.6 million (119.1). Capital expenditure excluding acquisitions (capex) can be broken down as follows: expansion capex 14% (15%), improvement capex 35% (32%) and maintenance

capex 52% (53%).

Research and Innovation

In January-September 2026, total research and development expenses were EUR 37.6 million (25.91), representing 1.8% (1.2%) of the Group's revenue.

Sustainable and renewable solutions are cornerstones of Kemira's strategic priorities and also the focus of the majority of Kemira' innovation projects. In addition, many of Kemira's ongoing innovation projects are being worked in collaboration with external partners.

In Q1, a new accelerator program, the EriCa Reactor program, was launched at the EriCa R&I Center in Finland. Kemira is the lead industry partner in this new accelerator program for seven early-stage, growth-driven companies. By being the lead industry partner in the program Kemira specifically aims to accelerate the path from labs to new markets and to reach ambitious growth targets in new markets, with fresh innovations and collaboration.

Kemira initiated a collaboration with CuspAI, a frontier AI materials science company, in 2025. During Q2, it was announced that they had succeeded in designing new materials targeting the removal of PFAS from drinking water, at trace concentrations and by using generative AI. The discovery process was compressed from years to a period of only six months. The project is now advancing to a development and testing phase.

Personnel

At the end of the period, Kemira Group had 4,828 employees (4,766). Kemira had 791 (835) employees in Finland, 1,736 (1,756) employees elsewhere in EMEA, 1,435 (1,265) in the Americas and 866 (910) in APAC. The increase in the headcount in the Americas resulted from acquisitions.

Kemira has changed the definition of research and development costs, to better reflect the R&D activities of the company. The comparison period's figures have been restated accordingly.

‌Sustainability

Kemira's sustainability work is guided by the UN's Sustainable Development Goals (SDGs) and covers economical, environmental and social topics. The focus is on Clean Water and Sanitation (SDG 6), Decent Work and Economic Growth (SDG 8), Responsible Consumption and Production (SDG 12) and Climate Action (SDG 13). More information on sustainability at Kemira can be found in the Sustainability Statement for the year 2025, prepared in accordance with the Corporate Sustainability Reporting Directive requirements (CSRD).

Targets		SDG	2025	2024
	Improving safety TRIF1) 2.2 by the end of 2026 and 1.5 by the end of 2030	SDG 8	2.7	3.2
	Fostering inclusion Reach top 10% cross industry norm for Diversity & Inclusion by the end of 2026	SDG 8	> 25%	> 25%
	Growing positive water impact Increase the quantity of water treated, reused and recycled by 3.5 bm3 by the end of 2030 from the 2024 baseline, bm3	SDG 6	21.1	20.9
Expanding renewable offering Renewable solutions > EUR 500 million revenue by the end SDG 12 of 2030, EUR million			240	240
	Reducing emissions Scope 1 and 2 emissions -51.23% by the end of 2030, compared to 2018 baseline of 894 ktCO2e. 2)	SDG 13	-43.1%	-34.4%
	Scope 3 emissions by -32.5% by the end of 2033 from a 2021 base year of 2,337.5 ktCO2e. 2)	SDG 13	-26.0%	-19.5%

TRIF = total recordable injury frequency per million hours, Kemira + contractors.
Scope 1: Direct greenhouse gas emissions from Kemira's manufacturing sites, e.g. the generation of energy and emissions from manufacturing processes. Scope 2: Indirect greenhouse gas emissions from external generation and purchases of electricity, heating, cooling and steam. Scope 3: Indirect greenhouse gas emissions from purchased raw materials, traded goods and transportation of materials.

S U S T A I N A B I L I T Y P E R F O R M A N C E I N J A N U A R Y - S E P T E M B E R 2 0 2 6

In June, Kemira retained a Gold-level rating by EcoVadis, the leading global sustainability assessment platform, with a score of 83/100. The Sustainable Procurement score continued to improve and was 88/100, well above the industry average of 40/100.

Kemira has updated its sustainability targets to better reflect the most critical issues for the company. A new target has been defined regarding water impact, the inclusion and safety targets have been extended until the end of 2026 and the target to reduce waste has been removed.

Good safety performance continued in Q3. The number of Total Recordable Injuries (TRI) in Q3 2026 was 4 (15) and TRIF1) was 1.3 (4.9). The number of TRI in January-September 2026 was 13

(24) and TRIF1) was 1.4 (2.6). Kemira is continuously working to improve safety performance. The target for the TRIF is 2.2 by the end of 2026.

Kemira's target is to reach the top 10% for the cross industry benchmark for Diversity & Inclusion (DEI) by the end of 2026, as measured by the company's Inclusion Index. The current gap to the top 10% is four points below the cross industry benchmark. To reach this target, Kemira has launched several strategic initiatives focusing on inclusion, human rights, diversity, pay fairness and transparency. Work has also continued with related key priorities such as talent management, culture transformation and experiments for early user cases of AI in both learning and the employee life cycle. In May, Kemira earned the Syndio Fair Pay Badge, which is a recognition of the company's commitment to fair and consistent pay, based on objective and unbiased job factors. Since 2021, Kemira has systematically analyzed gender pay equity across the global organization and continues to act every year to identify and close unexplained gaps.

Kemira has defined a new sustainability target relating to the positive water impact of Kemira's water business. The target measures the estimated quantity of water treated, reused and recycled and showcases one of the largest positive environmental impacts that Kemira creates for its customers. The target is aligned with Kemira's strategic priority to double water-related revenue. The target is verified by a third-party, to ensure the reliability of calculations and methodologies.

Kemira published its Climate transition plan as part of its Sustainability statement. Kemira has committed to reducing absolute scope 1 and 2 emissions by 51.2% by 2030, from a 2018

base year, and scope 3 emissions by 32.5% by 2033, from a 2021 base year. Kemira's scope 1, 2 and 3 emissions remained stable during Q3 2026.

‌Business units W A T E R S O L U T I O N S

Water Solutions represents roughly 45% of Kemira's revenue. Kemira's water treatment product portfolio consists mainly of coagulants and polymers which play a critical role in both municipal and industrial water treatment. In 2025, Kemira expanded into industrial water treatment services by acquiring Water Engineering Inc. in the US. Kemira has a long-term ambition to double water-related revenue.

EUR million	Jul-Sep 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Revenue	330.7	313.9	957.8	926.4	1,221.5
Operative EBITDA	65.0	72.5	177.1	208.3	262.9
Operative EBITDA, %	19.7	23.1	18.5	22.5	21.5
EBITDA	63.7	71.3	172.1	205.4	243.8
EBITDA, %	19.3	22.7	18.0	22.2	20.0
Operative EBIT	40.7	52.8	105.3	151.3	183.9
Operative EBIT, %	12.3	16.8	11.0	16.3	15.1
EBIT	39.4	51.7	100.3	148.2	153.1
EBIT, %	11.9	16.5	10.5	16.0	12.5
Capital employed*	880.2	680.3	880.2	680.3	735.0
Operative ROCE*, %	15.7	28.3	15.7	28.3	25.0
ROCE*, %	11.9	27.4	11.9	27.4	20.8
Capital expenditure excl. M&A	21.0	23.0	58.2	59.5	97.1
Capital expenditure incl. M&A	58.1	23.0	108.5	78.4	241.6
Cash flow after investing activities	-3.3	86.9 ¹⁾	49.0	154.3 ¹⁾ 30.9 ¹⁾

*12-month rolling average

1) Figure corrected retrospectively

T H I R D Q U A R T E R :

Water Solutions' revenue increased by 5%, to EUR 330.7 million (313.9). The increase was mainly driven by acquisitions and was further supported by pricing. Volumes declined.

Currencies had a positive impact. Revenue in local currencies, excluding acquisitions and divestments, decreased by 1%.

In Urban EMEA, revenue was stable. Revenue in local currencies, excluding acquisitions and divestments, decreased by 1%. In Urban Americas, revenue decreased by 2%. Revenue in local currencies, excluding acquisitions and divestments, decreased by 3%. In Industrial, revenue increased by 12%, mainly due to acquisitions. Revenue in local currencies, excluding acquisitions and divestments, decreased by 1%.

Operative EBITDA decreased by 10%, to EUR 65.0 million (72.5), mainly due to cost inflation. The operative EBITDA margin decreased to 19.7% (23.1%). EBITDA decreased by 11%, to EUR

63.7 million (71.3). Items affecting comparability were mainly comprised of transaction costs in both the review and the comparison periods.

J A N U A R Y - S E P T E M B E R :

Water Solutions' revenue increased by 3%, to EUR 957.8 million (926.4), mainly as a result of acquisitions. Sales prices increased while volumes declined. Revenue in local currencies, excluding acquisitions and divestments, decreased by 1%. Currencies had a negative impact.

In Urban EMEA, revenue increased by 2%. Revenue in local currencies, excluding acquisitions and divestments, increased by 2%. In Urban Americas, revenue decreased by 5%. Revenue in local currencies, excluding acquisitions and divestments, decreased by 2%. In Industrial,

revenue increased by 8%, mainly driven by acquisitions. Revenue in local currencies, excluding acquisitions and divestments, decreased by 2%.

Operative EBITDA decreased by 15%, to EUR 177.1 million (208.3), primarily due to cost inflation. The operative EBITDA margin declined to 18.5% (22.5%). EBITDA decreased by 16%, to EUR 172.1 million (205.4). The difference to operative EBITDA is explained by items affecting comparability which were mainly related to restructuring and streamlining costs, and transaction costs.

Revenue

Operative EBITDA and operative EBITDA margin

313.9

295.0

300.8

326.3

330.7

65.0

54.6

55.4

56.7

23.1%

18.5%

18.4%

17.4%

19.7%

72.5

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

‌P A C K A G I N G & H Y G I E N E S O L U T I O N S

Packaging & Hygiene Solutions represents roughly 35% of Kemira's revenue. The business unit provides innovative chemistry for fiber-based materials and mainly serves the packaging, board, paper and tissue industry.

EUR million	Jul-Sep 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025		Jan-Dec 2025
Revenue	251.2	239.4	724.1	733.4		970.2
Operative EBITDA	23.3	32.6	74.7	86.8		115.9
Operative EBITDA, %	9.3	13.6	10.3	11.8		12.0
EBITDA	22.6	32.0	74.1	85.0		98.7
EBITDA, %	9.0	13.4	10.2	11.6		10.2
Operative EBIT	9.8	18.0	33.9	41.4		56.0
Operative EBIT, %	3.9	7.5	4.7	5.6		5.8
EBIT	6.2	17.4	30.4	39.6		38.9
EBIT, %	2.5	7.3	4.2	5.4		4.0
Capital employed*	516.9	522.2	516.9	522.2		517.1
Operative ROCE*, %	9.4	10.3	9.4	10.3		10.8
ROCE*, %	5.7	8.5	5.7	8.5		7.5
Capital expenditure excl. M&A	9.0	9.0	23.9	24.2		37.2
Capital expenditure incl. M&A	9.0	9.0	23.9	27.7		40.7
Cash flow after investing activities	7.5	4.7 ¹⁾	38.8	-5.7	¹⁾	19.7 ¹⁾

*12-month rolling average

1) Figure corrected retrospectively

T H I R D Q U A R T E R :

Packaging & Hygiene Solutions' revenue increased by 5%, amounting to EUR 251.2 million (239.4). Currencies had a positive impact. Sales prices and volumes increased. Revenue in local currencies, excluding acquisitions and divestments, increased by 4%.

In EMEA, revenue increased by 5%. Revenue in local currencies, excluding acquisitions and divestments, increased by 5%. In the Americas, revenue increased by 4%. Revenue in local currencies, excluding acquisitions and divestments, increased by 2%. In APAC, revenue increased by 5%. Revenue in local currencies, excluding acquisitions and divestments, increased by 3%.

Operative EBITDA decreased by 29%, to EUR 23.3 million (32.6), mainly due to cost inflation. The operative EBITDA margin decreased to 9.3% (13.6%). EBITDA decreased by 29%, to EUR

22.6 million (32.0). The difference between EBITDA and operative EBITDA is explained by items affecting comparability, which were mainly comprised of restructuring and streamlining costs.

J A N U A R Y - S E P T E M B E R :

Packaging & Hygiene Solutions' revenue decreased by 1%, to EUR 724.1 million (733.4), mainly driven by lower prices and currency impact. Sales volumes increased year-on-year. Revenue in local currencies, excluding divestments and acquisitions, was stable.

In EMEA, revenue increased by 2%. Revenue in local currencies, excluding acquisitions and divestments, increased by 2%. In the Americas, revenue decreased by 3%. Revenue in local currencies, excluding acquisitions and divestments, decreased by 1%. In APAC, revenue decreased by 4%. Revenue in local currencies, excluding acquisitions and divestments, decreased by 2%.

Operative EBITDA decreased by 14%, to EUR 74.7 million (86.8), mainly due to pricing. The operative EBITDA margin declined to 10.3% (11.8%). EBITDA decreased by 13%, to EUR 74.1 million (85.0). The difference between EBITDA and operative EBITDA is explained by items

affecting comparability, which consisted mainly of restructuring and streamlining costs both in the review and the comparison periods.

Revenue Operative EBITDA and operative EBITDA margin

239.4

236.8

232.9

240.1

251.2

29.1

27.8

23.6 23.3

9.3%

10.1%

11.6%

12.3%

13.6%

32.6

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

‌F I B E R E S S E N T I A L S

Fiber Essentials represents roughly 20% of Kemira's revenue. The business unit has two main product groups: bleaching chemicals, including sodium chlorate and hydrogen peroxide, and other base chemicals, and it serves the pulp industry.

EUR million	Jul-Sep 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Revenue	127.0	134.3	397.4	430.0	561.9
Operative EBITDA	24.6	32.3	90.1	109.5	145.7
Operative EBITDA, %	19.3	24.1	22.7	25.5	25.9
EBITDA	24.3	31.1	91.3	107.8	143.3
EBITDA, %	19.1	23.1	23.0	25.1	25.5
Operative EBIT	8.8	17.1	43.4	64.3	84.5
Operative EBIT, %	7.0	12.7	10.9	14.9	15.0
EBIT	8.6	15.8	44.7	62.5	82.1
EBIT, %	6.8	11.8	11.3	14.5	14.6
Capital employed*	742.9	721.1	742.9	721.1	719.5
Operative ROCE*, %	8.6	13.4	8.6	13.4	11.8
ROCE*, %	8.7	12.0	8.7	12.0	11.4
Capital expenditure excl. M&A	13.5	15.8	38.5	35.5	62.4
Capital expenditure incl. M&A	13.5	15.8	38.5	35.5	62.4
Cash flow after investing activities	0.1	14.8	34.4	92.6	107.8

*12-month rolling average

T H I R D Q U A R T E R :

Fiber Essentials' revenue decreased by 5%, to EUR 127.0 million (134.3). The decrease was mainly driven by lower volumes and prices. Currencies had a positive impact. Revenue in local currencies, excluding acquisitions and divestments, decreased by 6%.

In bleaching chemicals, revenue decreased by 6%. In other base chemicals, revenue decreased by 4%.

Operative EBITDA decreased by 24%, to EUR 24.6 million (32.3), mainly due to cost inflation as well as lower volumes and prices. The operative EBITDA margin decreased to 19.3% (24.1%).

EBITDA decreased by 22%, to EUR 24.3 million (31.1). The difference between EBITDA and operative EBITDA is explained by items affecting comparability which were mainly comprised of restructuring and streamlining costs.

J A N U A R Y - S E P T E M B E R :

Fiber Essentials' revenue decreased by 8%, to EUR 397.4 million (430.0), mainly due to lower volumes. Prices remained stable. Revenue in local currencies, excluding acquisitions and divestments, decreased by 7%.

In bleaching chemicals, revenue decreased by 4%. In other base chemicals, revenue decreased by 15%.

Operative EBITDA decreased by 18%, to EUR 90.1 million (109.5), mainly due to lower volumes. The operative EBITDA margin declined to 22.7% (25.5%). EBITDA decreased by 15%, to EUR

91.3 million (107.8). The difference between EBITDA and operative EBITDA is explained by items affecting comparability, which were mainly comprised of an insurance compensation related to the fire at Kemira's Europoort plant in 2025.

Revenue Operative EBITDA and operative EBITDA margin

134.3

131.8

143.7

126.7

127.0

32.3

36.2

38.3

27.2

24.6

24.1%

27.4%

26.7%

21.4%

19.3%

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

‌Kemira Oyj's shares and shareholders

On September 30, 2026, Kemira Oyj's share capital amounted to EUR 221.8 million and the number of shares was 145,342,557. Each share entitles the holder to one vote at the Annual General Meeting.

At the end of September 2026, Kemira Oyj had 49,957 registered shareholders (51,120 on December 31, 2025). Non-Finnish shareholders held 34.1% of the shares (35.4% on December 31, 2025), including nominee-registered holdings. Households owned 19.2% of the shares (19.1% on December 31, 2025). Kemira held 564,165 treasury shares (896,004 on December 31,

2025), representing 0.4% (0.6% on December 31, 2025) of all company shares.

‌Kemira announced its second share buyback program on February 12, 2026, on the basis of the authorization given by the Annual General Meeting 2025. The purpose of the buyback program was to further optimize Kemira's capital structure and to serve the interests of the company's diverse shareholder base. The share buyback program commenced on February 13, 2026, and was completed on June 16, 2026. Kemira repurchased a total of 5,000,000 own shares, corresponding to approximately 3.3% of the total number of shares. The repurchased shares were cancelled on July 21, 2026.

Trading with Kemira Oyj's shares opened at EUR 19.51 on January 2, 2026 and closed at EUR

17.21 on the Nasdaq Helsinki at the end of September 2026 (19.58 on December 31, 2025). The shares registered a high of EUR 21.46 and a low of EUR 15.29 in the period January-September 2026 and the average share price was EUR 18.30. The company's market capitalization, excluding treasury shares, was EUR 2,492 million at the end of September 2026 (2,926 on December 31, 2025).

‌In January-September 2026, Kemira Oyj's share trading turnover on the Nasdaq Helsinki was EUR 869 million (EUR 687 million in January-September 2025). The average daily trading volume was 253,135 shares (185,299 in January-September 2025). The total volume of Kemira Oyj's share trading in January-September 2026 was 66 million shares (51 million shares in January-September 2025), 28% (31% in January-September 2025) of which was executed on other trading platforms (e.g. Turquoise, CBOE DXE). Source: Nasdaq and Kemira.com.

Authorizations by the AGM

The Annual General Meeting 2026 authorized the Board of Directors to decide upon a repurchase of a maximum of 15,000,000 company's own shares, however so, that the number of the shares held by the company at any time does not exceed 10% of all shares in the company. This Share repurchase authorization replaces the share repurchase authorization approved by the Annual General Meeting on March 20, 2025. The Share repurchase authorization is valid until September 19, 2027.

The Annual General Meeting 2026 also authorized the Board of Directors to decide to issue through one or several share issues new shares and/or transfer company's own shares held by the company, provided that the number of shares thereby issued and/or transferred totals a maximum of 15,000,000 shares. The Share issue authorization is valid until May 31, 2027.

Dividend

The Annual General Meeting 2026 approved the Board of Director's proposal of a dividend of EUR 0.76 per share for the for the financial year 2025.

The dividend was paid in two installments. The first installment of EUR 0.38 per share was paid to a shareholder who was registered in the company's shareholder register maintained by Euroclear Finland Ltd on the record date for the dividend payment, March 23, 2026. The dividend was paid on April 8, 2026. The second installment EUR 0.38 per share was paid to a shareholder who was registered in the company's shareholder register on the record date of October 6, 2026. The dividend was paid on October 13, 2026.

Short-term risks and uncertainties

Global economic uncertainty has continued throughout 2026, following the conflict in the Middle East and other geopolitical tensions as well as the continued threat of a global trade war.

‌The major impact on Kemira from the Middle East conflict is expected to come from price increases for oil-based raw materials. Kemira has announced customer price increases to

mitigate the impact of increasing raw material and logistics costs. There is usually a delay of around two quarters before the effects of the price increases will become visible in the financial reporting. The indirect impacts of the crisis on customer demand depend on the duration and on the extent of the crisis, factors which are very difficult to predict.

A detailed description of Kemira's risk management principles is available on the company's website, at kemira.com > investors >Risks and uncertainties. Financial risks are described in the Notes to the Financial Statements for the year 2025.

Kemira's Group Leadership Team

During January-September 2026, Kemira's Group Leadership consisted of the President and CEO Antti Salminen and the following Leadership Team members:

Petri Castrén, Chief Financial Officer (until March 31, 2026)

Tuomas Mäkipeska, Chief Financial Officer (from April 1, 2026)

Tuija Pohjolainen-Hiltunen, Executive Vice President, Water Solutions Harri Eronen, Executive Vice President, Packaging & Hygiene Solutions Antti Matula, Executive Vice President, Fiber Essentials

Simon Bloem, Chief Operations Officer, Operations

Ulrika Dunker, Executive Vice President, People & Culture

Linus Hildebrandt, Executive Vice President, Strategy & Sustainability Sampo Lahtinen, Executive Vice President, Research & Innovation Peter Ersman, Executive Vice President, New Ventures & Services

Acquisitions and divestments

On August 4, 2026, Kemira announced that it had completed the acquisition of REPUR S.r.l., an Italy-based provider of activated carbon reactivation services for municipal and industrial water treatment applications.

On July 23, 2026, Kemira announced that it had completed the acquisition of the business of ANMAC Water Treatment Service, Inc. in the US. The transaction strengthens Kemira's position in North America and supports its growth in industrial water treatment services.

On June 16, 2026, Kemira announced that it had completed the acquisition of the business of Clear Water Technologies, LLC, a privately-owed company based in the US. The transaction strengthens Kemira's position in North America and supports its growth in industrial water treatment services.

On February 11, 2026, Kemira announced that it would strengthen its Water Solutions business in Europe by acquiring SIDRA Wasserchemie. The acquisition is subject to merger clearance by the Federal Cartel Office in Germany. The purchase price is approximately EUR 75 million, subject to usual purchase price adjustments. The acquisition was completed on October 1, 2026.

On January 9, 2026, Kemira announced that it had completed the acquisition of AquaBlue, Inc., a privately-owned company based in the US. The deal, valued at under USD 10 million, strengthens Kemira's position in North America and supports its growth in industrial water treatment services - a sector growing faster than traditional water treatment markets.

Other important announcements during the review period

On September 8, 2026, Kemira announced that it has started pilot operations for iron phosphate production at its site in Helsingborg, Sweden, marking an important milestone in the company's development of battery materials and to support a more resilient and sustainable battery value chain. Iron phosphate is an essential chemical precursor, or core building block, used in the production of lithium iron phosphate (LFP) batteries, which are widely utilized in electric vehicles, energy storage systems and other industrial applications.

On June 18, 2026, Kemira announced that the planned bio-based materials manufacturing site of the joint venture of Kemira and IFF will be relocated to Hanko, Finland. As a result of the relocation, the commercial production is expected to begin in 2029, approximately 2 years later than originally expected.

On June 16, 2026, Kemira announced that it had completed its share buyback program announced in February 2026. Between February 13 and June 16, Kemira repurchased 5,000,000 own shares. The shares were cancelled in July.

On June 10, 2026, Kemira issued a profit warning and downgraded its profitability outlook for 2026 due to the raw material and logistics cost increases caused by the prolonged war in Iran.

On May 27, 2026, Kemira announced that it had concluded the change negotiations initiated on April 24, 2026. As a result of the negotiations, Kemira reduced 21 positions in Finland.

Globally, the company expected to reduce 123 positions. The aim of the reductions was to improve the company's profitability and achieve annual savings of approximately EUR 15 million.

‌On May 5, 2026, Kemira has conveyed a total of 12,376 treasury shares without consideration to the members of the Board of Directors as a part of the annual remuneration, and 2,573 shares as a reward payment to a key employee participating in the Restricted Share Plan.

On March 13, 2026, Kemira will be implementing price adjustments globally as a result of the evolving situation in the Middle East and its impact on global supply chains, raw material markets, transportation and pricing.

On March 4, 2026, Kemira has conveyed total of 314,703 treasury shares without consideration to 70 key employees participating in the performance period 2023-2025 of the Performance Share Plan 2022-2026.

On February 17, 2026, Kemira plans to expand its Tarragona manufacturing site in Spain by building an activated carbon reactivation plant. The pre-engineering phase of the project is currently starting and the new plant is expected to be operational at the end of 2029, depending on the timeline of the final investment decision and the process for acquiring environmental permits. The total value of the investment is expected to be around EUR 20 million.

‌Events after the review period

On October 9, 2026, Kemira announced that its Nomination Board proposes to the Annual General Meeting 2027 the election of eight Board members, and that the current Board members Susan Duinhoven, Tina Sejersgård Fanø, Werner Fuhrmann, Matti Lehmus, Annika

Paasikivi, Kristian Pullola and Mikael Staffas be re-elected as members of the Board of Directors and Christian Kohlpaintner be elected as a new member of the Board of Directors. In addition, the Nomination Board proposes that Annika Paasikivi be elected as the Chair of the Board of Directors and Susan Duinhoven elected as the Vice Chair.

On October 1, 2026, Kemira announced that it had completed the acquisition of SIDRA Wasserchemie, following an approval from the German Federal Cartel Office. The acquisition strengthens Kemira's Water Solutions business in Western and Central Europe, and was initially announced on February 11, 2026. In 2025, SIDRA Wasserchemie's reported revenue was approximately EUR 42 million and EBITDA approximately EUR 12 million, and the company employed approximately 60 employees.

Outlook for 2026 (last updated on June 10, 2026) R E V E N U E

Kemira's revenue is expected to be between EUR 2,600 and EUR 3,000 million in 2026 (2025 revenue: EUR 2,753.5 million).

O P E R A T I V E E B I T D A

Kemira's operative EBITDA is expected to be between EUR 400 and EUR 500 million in 2026 (2025 operative EBITDA: EUR 524.6 million).

A S S U M P T I O N S B E H I N D T H E O U T L O O K

Financial targets

Kemira has the following long-term financial targets to support its growth strategy; Kemira's target is to achieve an annual organic growth rate of over 4%, to maintain an operative EBITDA margin within the range of 18-21% and to maintain operative ROCE above 16%.

Helsinki, October 22, 2026 Kemira Oyj

Board of Directors

All forward-looking statements in this review are based on the management's current expectations and beliefs about future events. Actual results may differ materially from the expectations and beliefs contained in the statements.

Financial reporting schedule 2026 and 2027

Financial Statements Bulletin 2026 February 9, 2027

Interim report January-March 2027 April 23, 2027

Half-year financial report January-June 2027 July 16, 2027

Interim report January-September 2027 October 22, 2027

Annual Report 2026 will be published during the week starting on February 15, 2027 The Annual General Meeting is scheduled for Wednesday, March 17, 2027

Webcast and conference call for analysts, investors and media

Kemira will arrange a webcast for analysts, investors and the media on Friday, October 23, 2026, starting at 10.00 am EET (8.00 am UK time). During the webcast, Kemira's President & CEO Antti Salminen and CFO Tuomas Mäkipeska will present results. The webcast will be held in English and can be followed at https://kemira.events.inderes.com/q3-2026. The presentation material and a recording of the webcast will be available at kemira.com/ investors.

You can attend the Q&A session via conference call. You can access the teleconference by registering on the following link: https://events.inderes.com/kemira/q3-2026/dial-in.

After registration you will be provided with phone numbers and a conference ID to access the conference. If you wish to ask a question please dial *5 on your telephone keypad to enter the queue.

‌Kemira Group - Financials of interim report 2026 Consolidated income statement Consolidated statement of comprehensive income

EUR million	7-9/2026	7-9/2025	1-9/2026	1-9/2025	1-12/2025

Revenue	708.9	687.7	2,079.3	2,089.9	2,753.5
Other operating income	9.4	0.6	13.6	1.4	4.5
Operating expenses	-607.6	-553.7	-1,754.0	-1,692.9	-2,272.0
Share of profit or loss of associates and joint ventures	-0.1	-0.2	-1.4	-0.1	-0.2
EBITDA	110.6	134.4	337.5	398.3	485.8
Depreciation, amortization and impairments	-56.4	-49.5	-162.1	-147.9	-211.7
Operating profit (EBIT)	54.2	84.9	175.4	250.4	274.1
Finance costs, net	-8.9	-5.3	-22.8	-17.3	-24.2
Profit before taxes	45.3	79.6	152.6	233.1	249.9
Income taxes	-10.8	-18.0	-35.6	-52.3	-55.8
Net profit for the period	34.5	61.6	117.0	180.8	194.1

Net profit attributable to
Equity owners of the parent company	31.1	58.1	107.8	171.0	181.2
Non-controlling interests	3.4	3.5	9.3	9.8	12.9
Net profit for the period	34.5	61.6	117.0	180.8	194.1

Earnings per share, basic, EUR	0.22	0.38	0.74	1.11	1.18
Earnings per share, diluted, EUR	0.21	0.38	0.73	1.10	1.18

EUR million	7-9/2026	7-9/2025	1-9/2026	1-9/2025	1-12/2025

Net profit for the period	34.5	61.6	117.0	180.8	194.1

Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations	3.7	2.1	23.0	-56.4	-55.3
Cash flow hedges	3.1	-0.3	1.8	6.7	3.8
Items that will not be reclassified subsequently to profit or loss
Other shares	6.2	-1.3	17.5	-27.6	-39.5
Remeasurements of defined benefit plans	-	-	-	-	16.2
Other comprehensive income for the period, net of tax	13.0	0.5	42.3	-77.3	-74.8

Total comprehensive income for the period	47.6	62.1	159.4	103.5	119.3

Total comprehensive income attributable to
Equity owners of the parent company	44.7	55.3	150.7	93.6	106.2
Non-controlling interests	2.9	6.7	8.7	9.8	13.0
Total comprehensive income for the period	47.6	62.1	159.4	103.5	119.3

‌Consolidated balance sheet

EUR million	9/30/2026	9/30/2025	12/31/2025
ASSETS

Non-current assets
Goodwill	558.7	477.3	535.3
Other intangible assets	118.1	46.5	94.1
Property, plant and equipment	992.6	936.7	978.7
Right-of-use assets	165.5	164.9	169.0
Investments in associates and joint ventures	6.7	7.8	7.5
Other shares	242.1	236.0	221.1
Deferred tax assets	34.2	25.7	30.6
Other financial assets	7.5	6.2	6.1
Receivables of defined benefit plans	116.3	107.9	123.6
Total non-current assets	2,241.7	2,009.2	2,166.0

Current assets
Inventories	333.8	306.0	306.9
Loan receivables	0.5	0.8	0.8
Trade receivables and other receivables	458.8	423.0	399.3
Current income tax assets	19.9	26.4	18.5
Cash and cash equivalents	227.4	399.7	242.3
Total current assets	1,040.4	1,155.9	967.8

Assets classified as held-for-sale	-	10.4 -

Total assets	3,282.1	3,175.4	3,133.8

EUR million	9/30/2026	9/30/2025	12/31/2025
EQUITY AND LIABILITIES

Equity
Equity attributable to equity owners of the parent company	1,619.5	1,721.3	1,678.0
Non-controlling interests	16.5	17.2	18.1
Total equity	1,636.0	1,738.5	1,696.1

Non-current liabilities
Interest-bearing liabilities	641.2	577.1	642.5
Other financial liabilities	13.7	9.1	13.3
Deferred tax liabilities	69.0	70.1	67.8
Liabilities of defined benefit plans	67.5	75.0	68.9
Provisions	47.8	30.2	45.7
Total non-current liabilities	839.2	761.4	838.1

Current liabilities
Interest-bearing liabilities	234.8	114.7	105.9
Trade payables and other liabilities	538.4	525.7	463.0
Current income tax liabilities	13.9	7.4	9.4
Provisions	19.8	15.8	21.3
Total current liabilities	806.9	663.6	599.6

Total liabilities	1,646.1	1,425.0	1,437.7

Liabilities classified as held-for-sale	-	12.0 -

Total equity and liabilities	3,282.1	3,175.4	3,133.8

‌Consolidated cash flow statement

EUR million	7-9/2026	7-9/2025	1-9/2026	1-9/2025	1-12/2025

Cash flow from operating activities
Net profit for the period	34.5	61.6	117.0	180.8	194.1
Total adjustments	73.5	73.8	218.8	213.8	305.4
Cash flow before change in net working capital	108.0	135.4	335.9	394.6	499.5
Change in net working capital	-31.7	18.9	-54.6	-60.3	-45.2
Cash generated from operations before financing items and taxes	76.3	154.3	281.2	334.2	454.3
Finance expenses, net and dividends received	-7.0	-7.2	-33.7	-16.4	-14.8
Income taxes paid	-12.3	-14.9	-39.7	-66.8	-61.3
Net cash generated from operating activities	57.0	132.2	207.9	251.1	378.2

Cash flow from investing activities
Purchases of subsidiaries and business acquisitions, net of cash acquired	-37.1	-	-50.3	-18.9	-144.6
Capital expenditure in associated company and joint ventures	-	-	-	-3.5	-3.5
Other capital expenditure	-43.6	-47.8	-120.6	-119.1	-196.7
Proceeds from sale of non-current assets, subsidiaries, business and dividends received from other assets	9.2	-	12.0	0.5	0.9
Decrease (+) / increase (-) in loan receivables	-0.2	0.0	-0.2	48.1	48.1
Net cash used in investing activities	-71.7	-47.8	-159.1	-92.9	-295.8

EUR million	7-9/2026	7-9/2025	1-9/2026	1-9/2025	1-12/2025

Cash flow from financing activities
Proceeds from non-current interest-bearing liabilities	-	-	-	-	50.0
Repayments of non-current interest bearing liabilities	-	-	-6.0	-130.2	-130.2
Proceeds from non-current non-interest-bearing liabilities	-	-	-	-	4.3
Short-term financing, net increase (+) / decrease (-)	82.0	-8.6	126.5	-8.8	-20.9
Repayments of lease liabilities	-8.7	-8.1	-26.4	-23.7	-32.4
Dividends paid	-3.6	-3.6	-66.6	-67.7	-126.1
Acquisition of treasury shares	0.0	-39.4	-93.6	-39.4	-96.3
Net cash used in financing activities	69.7	-59.6	-66.1	-269.9	-351.5

Net decrease (-) / increase (+) in cash and cash equivalents	55.0	24.8	-17.3	-111.7	-269.0

Cash and cash equivalents at end of period	227.4	399.7	227.4	399.7	242.3
Exchange gains (+) / losses (-) on cash and cash equivalents	0.5	-1.8	2.4	-7.8	-7.9
Cash and cash equivalents at beginning of period	171.9	376.8	242.3	519.2	519.2
Net decrease (-) / increase (+) in cash and cash equivalents	55.0	24.8	-17.3	-111.7	-269.0

‌Consolidated statement of changes in equity

Equity attributable to equity owners of the parent company

EUR million	Share capital	Share premium	Fair value and other reserves	Unrestricted equity reserve	Exchange differences	Treasury shares	Retained earnings		Total	Non-controlling interests	Total Equity
Equity on January 1, 2026	221.8	257.9	86.2	196.3	-101.6	-6.8	1,024.1		1,678.0	18.1	1,696.1
Net profit for the period	-	-	-	-	-	-	107.8		107.8	9.3	117.0
Other comprehensive income, net of tax	-	-	19.3	-	23.6	-	-		42.9	-0.6	42.3
Total comprehensive income	-	-	19.3	-	23.6	-	107.8		150.7	8.7	159.4

Transactions with owners
Dividends paid	-	-	-	-	-	-	-112.7	1)	-112.7	-10.2	-122.9
Treasury shares issued to the target group of a share-based incentive plan	-	-	-	-	-	2.4	-		2.4	-	2.4
Treasury shares issued to the Board of Directors	-	-	-	-	-	0.1	-		0.1	-	0.1
Acquisition of treasury shares 2)	-	-	-	-	-	-93.6	-		-93.6	-	-93.6
Cancellation of treasury shares 2)	-	-	-	-	-	93.6	-93.6		0.0	-	0.0
Share-based payments	-	-	-	-	-	-	-6.9		-6.9	-	-6.9
Transfers in equity	-	0.1	-1.1	-	-	-	1.0		0.0	-	0.0
Other items	-	-	-	-	-	-	1.6		1.6	-0.1	1.5
Total transactions with owners	-	0.1	-1.1	-	-	2.5	-210.5		-209.1	-10.3	-219.4

Equity on September 30, 2026	221.8	257.9	104.4	196.3	-78.0	-4.3	921.4		1,619.6	16.5	1,636.0

On March 19, 2026, the Annual General Meeting approved a dividend of EUR 0.76 per share. The dividend is paid in two installments. The first installment of EUR 0.38 dividend per share was paid on April 8, 2026. The second installment of EUR
0.38 dividend per share was paid on October 13, 2026.

On February 11, 2026, Kemira's Board of Directors decided to commence a share buyback program. During the buyback program, Kemira acquired a total of 5,000,000 of its own shares between February 13 and June 16, 2026. The buyback program was completed on June 16, 2026, and the acquired shares were cancelled on July 21, 2026.

Kemira had in its possession 564,165 treasury shares on September 30, 2026. The average share price of treasury shares was EUR 7.58 and they represented 0.4% of the share capital and the aggregate number of votes conferred by all shares. The aggregate par value of the treasury shares is EUR 0.9 million.

The share premium is a reserve accumulated through subscriptions and entitlements through the stock option program 2001. This reserve is based on the old Finnish Companies Act (734/1978), and the value will no longer change. The fair value reserve is a reserve accumulating based on other shares measured at fair value and hedge accounting. Other reserves originate from the local requirements of subsidiaries. The unrestricted equity reserve includes other equity-type investments and the subscription price of shares to the extent that they will not, based on a specific decision, be recognized in share capital.

Equity attributable to equity owners of the parent company

EUR million	Share capital	Share premium	Fair value and other reserves	Unrestricted equity reserve	Exchange differences	Treasury shares	Retained earnings	Total	Non-controlling interests	Total Equity
Equity on January 1, 2025	221.8	257.9	121.5	196.3	-46.1	-10.3	1,044.4	1,785.4	18.1	1,803.5
Net profit for the period	-	-	-	-	-	-	171.0	171.0	9.8	180.8
Other comprehensive income, net of tax	-	-	-20.9	-	-56.5	-	-	-77.4	0.1	-77.3
Total comprehensive income	-	-	-20.9	-	-56.5	-	171.0	93.6	9.8	103.5

Transactions with owners
Dividends paid	-	-	-	-	-	-	-114.3 3)	-114.3	-10.7	-125.0
Treasury shares issued to the target group of a share-based incentive plan	-	-	-	-	-	3.4	-	3.4	-	3.4
Treasury shares issued to the Board of Directors	-	-	-	-	-	0.1	-	0.1	-	0.1
Acquisition of treasury shares	-	-	-	-	-	-39.4	-	-39.4	-	-39.4
Share-based payments	-	-	-	-	-	-	-7.8	-7.8	-	-7.8
Transfers in equity	-	-	0.1	-	-	-	-0.1	0.0	-	0.0
Other items	-	-	-	-	-	-	0.2	0.2	-	0.2
Total transactions with owners	-	-	-	-	-	-35.9	-122.0	-157.8	-10.7	-168.5

Equity on September 30, 2025	221.8	257.9	100.6	196.3	-102.5	-46.2	1,093.4	1,721.3	17.2	1,738.5

On March 20, 2025, the Annual General Meeting approved a dividend of EUR 0.74 per share. The dividend was paid in two installments. The first installment of EUR 0.37 dividend per share was paid on April 3, 2025 and the second installment of EUR 0.37 dividend per share was paid on November 4, 2025.

‌Group key figures

Kemira provides certain financial performance measures (alternative performance measures) that are not defined by IFRS. Kemira believes that alternative performance measures followed by capital markets and Kemira management, such as revenue growth in local currencies, excluding acquisitions and divestments (=organic growth), EBITDA, operative EBITDA, operative EBIT, cash flow after investing activities and gearing provide useful information about Kemira's comparable business performance and financial position. Selected alternative performance measures are also used as performance criteria in remuneration.

Kemira's alternative performance measures should not be viewed in isolation from the equivalent IFRS measures and alternative performance measures should instead be read in conjunction with the most directly comparable IFRS measures. Definitions of the alternative performance measures can be found in the definitions of the key figures in this report, as well as at https://www.kemira.com > Investors > Financial information.

	2026 7-9	2026 4-6	2026 1-3	2025 10-12	2025 7-9	2025 4-6	2025 1-3	2026 1-9	2025 1-9	2025 1-12

Income statement and profitability
Revenue, EUR million	708.9	693.0	677.3	663.7	687.7	693.4	708.8	2,079.3	2,089.9	2,753.5
Operative EBITDA, EUR million	112.8	111.7	117.3	119.9	137.3	131.8	135.5	341.8	404.6	524.6
Operative EBITDA, %	15.9	16.1	17.3	18.1	20.0	19.0	19.1	16.4	19.4	19.1
EBITDA, EUR million	110.6	109.3	117.7	87.6	134.4	129.4	134.6	337.5	398.3	485.8
EBITDA, %	15.6	15.8	17.4	13.2	19.5	18.7	19.0	16.2	19.1	17.6
Items affecting comparability in EBITDA, EUR million	-2.3	-2.4	0.4	-32.4	-3.0	-2.5	-0.9	-4.3	-6.4	-38.7
Operative EBIT, EUR million	59.3	57.9	65.4	67.5	87.8	83.4	85.6	182.6	256.9	324.4
Operative EBIT, %	8.4	8.4	9.7	10.2	12.8	12.0	12.1	8.8	12.3	11.8
Operating profit (EBIT), EUR million	54.2	55.5	65.7	23.7	84.9	80.8	84.7	175.4	250.4	274.1
Operating profit (EBIT), %	7.6	8.0	9.7	3.6	12.3	11.7	12.0	8.4	12.0	10.0
Items affecting comparability in EBIT, EUR million	-5.1	-2.4	0.3	-43.8	-3.0	-2.6	-0.9	-7.2	-6.5	-50.3
Amortization and impairments of Intangible assets	-6.6	-6.0	-5.9	-6.7	-5.3	-4.9	-6.0	-18.5	-16.2	-22.9
Of which purchase price allocation (PPA) related	-3.7	-3.0	-2.9	-3.3	-2.3	-2.2	-1.5	-9.6	-5.9	-9.2
Depreciations and impairments of Property, plant and equipment	-40.1	-38.0	-36.6	-41.4	-35.7	-35.4	-35.5	-114.7	-106.7	-148.1
Depreciations of right-of-use assets	-9.6	-9.8	-9.5	-9.5	-8.5	-8.2	-8.3	-28.9	-25.0	-34.5
Return on investment (ROI), %	8.2	8.9	10.6	4.1	12.8	12.2	13.0	9.0	12.6	10.5
Capital employed, EUR million 1)	2,140.0	2,070.3	2,017.4	1,972.0	1,923.9	1,920.1	1,921.5	2,140.0	1,923.9	1,972.0
Operative ROCE, %	11.7	13.5	15.1	16.5	17.8	18.5	19.1	11.7	17.8	16.5
ROCE, %	9.3	11.1	12.6	13.9	16.5	17.1	17.6	9.3	16.5	13.9

	2026 7-9	2026 4-6	2026 1-3	2025 10-12	2025 7-9	2025 4-6	2025 1-3	2026 1-9	2025 1-9	2025 1-12

Cash flow
Net cash generated from operating activities, EUR million	57.0	59.2	91.7	127.2	132.2	63.8	55.0	207.9	251.1	378.2
Capital expenditure, EUR million	80.7	49.1	41.1	203.3	47.8	66.1	27.6	170.9	141.5	344.8
Capital expenditure excl. acquisitions, EUR million	43.6	41.4	35.6	77.6	47.8	43.8	27.5	120.6	119.1	196.7
Capital expenditure excl. acquisitions / revenue, %	6.1	6.0	5.3	11.7	7.0	6.3	3.9	5.8	5.7	7.1
Cash flow after investing activities, EUR million	-14.7	10.9	52.6	-75.7	84.4	-1.9	75.6	48.8	158.2	82.5

Balance sheet and solvency
Equity ratio, %	49.9	50.6	50.6	54.2	54.8	55.4	53.3	49.9	54.8	54.2
Gearing, %	39.6	39.1	31.5	29.8	16.8	16.7	12.6	39.6	16.8	29.8
Interest-bearing net liabilities, EUR million	648.6	622.0	504.9	506.1	292.1	286.3	216.2	648.6	292.1	506.1

Personnel
Personnel at end of period	4,828	4,871	4,867	4,911	4,766	4,851	4,731	4,828	4,766	4,911
Personnel (average)	4,851	4,866	4,879	4,918	4,795	4,822	4,707	4,866	4,775	4,810

Key exchange rates at end of period
USD	1.136	1.139	1.150	1.175	1.174	1.172	1.082	1.136	1.174	1.175
CAD	1.611	1.622	1.602	1.609	1.635	1.603	1.553	1.611	1.635	1.609
SEK	11.331	11.094	10.943	10.822	11.057	11.147	10.849	11.331	11.057	10.822
CNY	7.613	7.731	7.934	8.226	8.359	8.397	7.844	7.613	8.359	8.226
BRL	5.908	5.900	6.007	6.436	6.243	6.438	6.251	5.908	6.243	6.436

	2026 7-9	2026 4-6	2026 1-3	2025 10-12	2025 7-9	2025 4-6	2025 1-3	2026 1-9	2025 1-9	2025 1-12

Per share figures, EUR
Earnings per share (EPS), basic 2)	0.22	0.23	0.29	0.07	0.38	0.35	0.38	0.74	1.11	1.18
Earnings per share (EPS), diluted 2)	0.21	0.23	0.29	0.07	0.38	0.35	0.38	0.73	1.10	1.18
Net cash generated from operating activities per share 2)	0.39	0.41	0.62	0.84	0.86	0.41	0.36	1.42	1.63	2.47
Equity per share 2)	11.19	10.87	10.71	11.23	11.29	11.01	10.96	11.19	11.29	11.23

Number of shares (1,000,000)
Average number of shares, basic 2)	144.8	145.7	148.8	150.3	153.3	154.4	154.1	146.4	154.0	153.1
Average number of shares, diluted 2)	145.1	146.1	149.6	151.1	154.1	155.3	155.4	147.0	155.0	154.0
Number of shares at end of period, basic 2)	144.8	144.8	147.8	149.4	152.4	154.4	154.4	144.8	152.4	149.4
Number of shares at end of period, diluted 2)	145.1	145.2	148.4	150.4	153.2	155.3	155.4	145.1	153.2	150.4

12-month rolling average
Number of shares outstanding, excluding the number of treasury shares.

‌Definitions of key figures

KEY FIGURES DEFINITION OF KEY FIGURES

EBITDA =

Operating profit (EBIT)

+ depreciation and amortization

+ impairments

Net working capital =

Inventories

+ trade receivables

+ other receivables, excluding derivatives, accrued interest income and other financing items

trade payables
other liabilities, excluding derivatives, accrued interest expenses and other financing items
Operative EBITDA =
Items affecting comparability 1) =
Operating profit (EBIT) + depreciation and amortization
+ impairments +/- items affecting comparability
Restructuring and streamlining programs
+ transaction and integration expenses in acquisitions
+ divestment of businesses and other disposals
Cash flow after investing activities
= Net cash generated from operating activities
+ net cash used in investing activities
Total equity x 100
Equity ratio, % =
Total assets - prepayments received
+ other items
Revenue
+ other operating income
EBIT =
operating expenses
depreciation and amortization
impairments

Interest-bearing net liabilities x 100

Gearing, % =

Total equity

+ share of the results of associates and joint ventures

Operative EBIT

= Operating profit (EBIT) +/- items affecting comparability

(Profit before taxes + interest expenses

Interest-bearing net liabilities = Interest-bearing liabilities

- cash and cash equivalents

Net profit attributable to equity owners of the parent

Return on investment (ROI), % =

+ other financial expenses) x 100 Earnings per share (EPS) =

company

Total assets - non-interest-bearing liabilities 2) Average number of shares

Operative return on capital employed

Operative EBIT x 100 3) Net cash generated from operating

Net cash generated from operating activities

(Operative ROCE), % =

Capital employed 4)

activities per share =

Average number of shares

Equity attributable to equity owners of the parent

Return on capital employed (ROCE), % = EBIT x 100 3) Equity per share =

company at end of period

Capital employed =

Capital employed 4) Number of shares at end of period

Property, plant and equipment + right-of-use assets + intangible assets + net working capital + investments in associates and joint ventures

Financial performance measures that are not defined by IFRS may include items of income and expenses that affect the comparability of the financial reporting of Kemira Group. Restructuring and streamlining programs, transaction and integration expenses in acquisitions, divestments of businesses, and other disposals are considered to be the most common items affecting comparability.
Average
Operating profit (EBIT) taken into account for a rolling 12-month period ending at the end of the review period.
12-month rolling average

‌Reconciliation to IFRS figures

EUR million	2026 7-9	2026 4-6	2026 1-3	2025 10-12	2025 7-9	2025 4-6	2025 1-3	2026 1-9	2025 1-9	2025 1-12

ITEMS AFFECTING COMPARABILITY IN EBITDA AND IN EBIT

Operative EBITDA	112.8	111.7	117.3	119.9	137.3	131.8	135.5	341.8	404.6	524.6
Restructuring and streamlining programs	-0.8	-4.7	1.6	-25.1	-0.7	-1.8	-0.5	-3.8	-2.9	-28.0
Transaction and integration expenses in acquisition	-1.3	-0.4	-0.9	-6.8	-1.9	-0.1	-0.3	-2.7	-2.4	-9.2
Divestment of businesses and other disposals	-0.1	0.0	0.0	-2.9	0.7	-0.2	-0.1	-0.1	0.4	-2.5
Other items	0.0	2.7	-0.3	2.4	-1.1	-0.3	0.0	2.4	-1.4	1.0
Total items affecting comparability	-2.3	-2.4	0.4	-32.4	-3.0	-2.5	-0.9	-4.3	-6.4	-38.7
EBITDA	110.6	109.3	117.7	87.6	134.4	129.4	134.6	337.5	398.3	485.8

Operative EBIT	59.3	57.9	65.4	67.5	87.8	83.4	85.6	182.6	256.9	324.4
Total items affecting comparability in EBITDA	-2.3	-2.4	0.4	-32.4	-3.0	-2.5	-0.9	-4.3	-6.4	-38.7
Items affecting comparability in depreciation, amortization and impairments	-2.9	0.0	-0.1	-11.4	0.0	-0.1	0.0	-2.9	-0.1	-11.6
Operating profit (EBIT)	54.2	55.5	65.7	23.7	84.9	80.8	84.7	175.4	250.4	274.1

ROCE AND OPERATIVE ROCE
Operative EBIT	59.3	57.9	65.4	67.5	87.8	83.4	85.6	182.6	256.9	324.4
Operating profit (EBIT)	54.2	55.5	65.7	23.7	84.9	80.8	84.7	175.4	250.4	274.1
Capital employed ¹⁾	2,140.0	2,070.3	2,017.4	1,972.0	1,923.9	1,920.1	1,921.5	2,140.0	1,923.9	1,972.0

Operative ROCE, %	11.7	13.5	15.1	16.5	17.8	18.5	19.1	11.7	17.8	16.5
ROCE, %	9.3	11.1	12.6	13.9	16.5	17.1	17.6	9.3	16.5	13.9

EUR million	2026 7-9	2026 4-6	2026 1-3	2025 10-12	2025 7-9	2025 4-6	2025 1-3	2026 1-9	2025 1-9	2025 1-12

NET WORKING CAPITAL
Inventories	333.8	310.4	294.2	306.9	306.0	294.2	312.8	333.8	306.0	306.9
Trade receivables and other receivables	458.8	448.7	423.6	399.3	423.0	432.9	426.1	458.8	423.0	399.3
Excluding financing items in other receivables	-10.8	-8.6	-8.7	-6.7	-11.2	-14.8	-7.6	-10.8	-11.2	-6.7
Trade payables and other liabilities	538.4	535.6	577.9	463.0	525.7	503.5	604.6	538.4	525.7	463.0
Excluding dividend liability and financing items in other liabilities	-107.4	-101.1	-158.2	-45.3	-93.0	-95.4	-154.2	-107.4	-93.0	-45.3
Net working capital	350.9	315.9	289.3	281.9	285.1	304.2	281.0	350.9	285.1	281.9

INTEREST-BEARING NET LIABILITIES
Non-current interest-bearing liabilities	641.2	642.7	644.1	642.5	577.1	542.2	543.3	641.2	577.1	642.5
Current interest-bearing liabilities	234.8	151.2	123.8	105.9	114.7	120.9	127.3	234.8	114.7	105.9
Interest-bearing liabilities	876.0	793.9	767.9	748.4	691.8	663.1	670.6	876.0	691.8	748.4
Cash and cash equivalents	227.4	171.9	263.0	242.3	399.7	376.8	454.4	227.4	399.7	242.3
Interest-bearing net liabilities	648.6	622.0	504.9	506.1	292.1	286.3	216.2	648.6	292.1	506.1

1) 12-month rolling average

‌Notes of interim report 2026

Quarterly segment information

EUR million	2026 7-9	2026 4-6	2026 1-3	2025 10-12	2025 7-9	2025 4-6	2025 1-3	2026 1-9	2025 1-9	2025 1-12

Revenue
Water Solutions	330.7	326.3	300.8	295.0	313.9	308.6	303.8	957.8	926.4	1,221.5
Packaging & Hygiene Solutions	251.2	240.1	232.9	236.8	239.4	240.3	253.7	724.1	733.4	970.2
Fiber Essentials	127.0	126.7	143.7	131.8	134.3	144.5	151.2	397.4	430.0	561.9
Total	708.9	693.0	677.3	663.7	687.7	693.4	708.8	2,079.3	2,089.9	2,753.5

Operative EBITDA
Water Solutions	65.0	56.7	55.4	54.6	72.5	70.7	65.1	177.1	208.3	262.9
Packaging & Hygiene Solutions	23.3	27.8	23.6	29.1	32.6	23.7	30.5	74.7	86.8	115.9
Fiber Essentials	24.6	27.2	38.3	36.2	32.3	37.4	39.8	90.1	109.5	145.7
Total	112.8	111.7	117.3	119.9	137.3	131.8	135.5	341.8	404.6	524.6

Items affecting comparability
Water Solutions	-1.3	-2.5	-1.2	-16.3	-1.2	-1.4	-0.3	-5.0	-2.8	-19.1
Packaging & Hygiene Solutions	-0.7	-1.7	1.8	-15.4	-0.6	-0.8	-0.5	-0.6	-1.8	-17.2
Fiber Essentials	-0.2	1.8	-0.3	-0.7	-1.2	-0.4	-0.1	1.3	-1.7	-2.4
Total	-2.3	-2.4	0.4	-32.4	-3.0	-2.5	-0.9	-4.3	-6.4	-38.7

EBITDA
Water Solutions	63.7	54.2	54.2	38.3	71.3	69.4	64.8	172.1	205.4	243.8
Packaging & Hygiene Solutions	22.6	26.1	25.4	13.7	32.0	23.0	30.0	74.1	85.0	98.7
Fiber Essentials	24.3	29.0	38.1	35.5	31.1	37.0	39.7	91.3	107.8	143.3
Total	110.6	109.3	117.7	87.6	134.4	129.4	134.6	337.5	398.3	485.8

EUR million	2026 7-9	2026 4-6	2026 1-3	2025 10-12	2025 7-9	2025 4-6	2025 1-3	2026 1-9	2025 1-9	2025 1-12

Operative EBIT
Water Solutions	40.7	32.3	32.3	32.6	52.8	51.5	47.0	105.3	151.3	183.9
Packaging & Hygiene Solutions	9.8	14.1	10.1	14.6	18.0	9.4	13.9	33.9	41.4	56.0
Fiber Essentials	8.8	11.6	23.0	20.3	17.1	22.5	24.7	43.4	64.3	84.5
Total	59.3	57.9	65.4	67.5	87.8	83.4	85.6	182.6	256.9	324.4

Items affecting comparability
Water Solutions	-1.3	-2.5	-1.2	-27.7	-1.2	-1.6	-0.3	-5.0	-3.1	-30.8
Packaging & Hygiene Solutions	-3.6	-1.7	1.8	-15.4	-0.6	-0.7	-0.5	-3.5	-1.7	-17.1
Fiber Essentials	-0.2	1.8	-0.3	-0.7	-1.2	-0.4	-0.1	1.3	-1.7	-2.4
Total	-5.1	-2.4	0.3	-43.8	-3.0	-2.6	-0.9	-7.2	-6.5	-50.3

Operating profit (EBIT)
Water Solutions	39.4	29.8	31.1	4.9	51.7	49.9	46.7	100.3	148.2	153.1
Packaging & Hygiene Solutions	6.2	12.4	11.9	-0.8	17.4	8.8	13.5	30.4	39.6	38.9
Fiber Essentials	8.6	13.4	22.7	19.6	15.8	22.1	24.6	44.7	62.5	82.1
Total	54.2	55.5	65.7	23.7	84.9	80.8	84.7	175.4	250.4	274.1

‌Changes in property, plant, and equipment

EUR million	1-9/2026	1-9/2025	1-12/2025

Net book value at beginning of period	978.7	964.5	964.5
Purchases of subsidiaries and asset acquisitions	4.8	-	1.7
Increases	113.0	116.2	190.5
Decreases	-0.1	-0.1	-0.3
Depreciation and impairments	-114.7	-106.7	-148.1
Transferred to (-) / from (+) assets classified as held-for-sale	-	-	4.5
Exchange rate differences and other changes	10.9	-37.2	-34.1
Net book value at end of period	992.6	936.7	978.7

‌Changes in goodwill and other intangible assets‌

EUR million	1-9/2026	1-9/2025	1-12/2025

Net book value at beginning of period	629.4	535.2	535.2
Purchases of subsidiaries and asset acquisitions 1)	48.3	19.8	129.8
Increases	7.6	3.0	6.2
Decreases	-0.2	-	-0.1
Amortization and impairments	-18.5	-16.2	-22.9
Exchange rate differences and other changes	10.3	-17.8	-18.8
Net book value at end of period	676.7	523.9	629.4

Note 8 provides more detailed information on acquisitions and business combinations.

Changes in right-of-use assets

EUR million	1-9/2026	1-9/2025	1-12/2025

Net book value at beginning of period	169.0	131.8	131.8
Purchases of subsidiaries and asset acquisitions	-	-	4.1
Increases 1)	22.3	70.0	80.0
Depreciation and impairments	-28.9	-25.0	-40.7
Transferred to (-) / from (+) assets classified as held-for-sale	-	-	5.5
Exchange rate differences and other changes	3.1	-11.9	-11.7
Net book value at end of period	165.5	164.9	169.0

1) In Q3 2025, the R&I Center in Finland, previously reported as lease commitment, transferred to Kemira's use. R&I Center 15-year lease was recognized in balance sheet as right-of-use asset and lease liability of EUR 38 million.

Derivative instruments

EUR million	9/30/2026		12/31/2025

Currency derivatives	Nominal value	Fair value	Nominal value	Fair value
Forward contracts	703.8 -3.0		710.0 1.5
of which cash flow hedge	110.5 -3.1		117.4 2.0

Commodity derivatives	GWh	Fair value	GWh	Fair value
Commodity forward contracts 1)	406.2 5.3		349.8 -2.4
of which cash flow hedge	369.9 4.7		331.4 -2.5

Consists natural gas and electricity contracts
‌The fair values of the publicly traded instruments are based on the market valuation on the date of reporting. The values of other instruments have been determined based on net present values of future cash flows.‌

Fair value of financial assets

EUR million 9/30/2026 12/31/2025

Fair value hierarchy	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Non-current assets
Other shares	-		242.1	242.1	-	-	221.1	221.1
Other investments	-	6.1	-	6.1	-	6.1	-	6.1
‌Commodity derivatives, hedge accounting	-	1.4	-	1.4	-	-	-	-
Current assets
Currency derivatives	-	4.4	-	4.4	-	2.8	-	2.8
Currency derivatives, hedge accounting	-	0.2	-	0.2	-	2.2	-	2.2
Commodity derivatives	-	0.6	-	0.6	-	0.1	-	0.1
Commodity derivatives, hedge accounting	-	4.0	-	4.0	-	0.2	-	0.2
Loan receivables	-	0.5	-	0.5	-	0.8	-	0.8
Trade receivables	-	365.6	-	365.6	-	329.1	-	329.1
Cash and cash equivalents	-	227.4	-	227.4	-	242.3	-	242.3
Total	-	610.1	242.1	852.3	-	583.6	221.1	804.7

Level 1: Fair value is determined based on quoted market prices in markets.

Level 2: Fair value is determined by using valuation techniques. The fair value refers to the value that is observable from the market value of elements of the financial instrument or from the market value of corresponding financial instruments, or the value that is observable by using commonly accepted valuation models and techniques, if the market value can be measured reliably with them.

Level 3: Fair value is determined by using valuation techniques that use inputs that have a significant effect on the recorded fair value, and the inputs are not based on observable market data. Level 3 mainly includes the shares of Pohjolan Voima and Teollisuuden Voima.

Level 3 specification on assets:

EUR million	9/30/2026	12/31/2025

Carrying value at beginning of period	221.1	270.5
Impact on other comprehensive income	21.9	-49.4
Decreases	-0.8	-
Reclassifications	-	-
Carrying value at end of period	242.1	221.1

EUR million 9/30/2026 12/31/2025

Fair value hierarchy	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Non-current liabilities
Interest-bearing liabilities	-	505.5	-	505.5	-	502.8	-	502.8
Current portion of interest-bearing liabilities	-	0.1	-	0.1	-	-	-	-
Other liabilities	-	13.5	-	13.5	-	12.7	-	12.7
Current portion of other liabilities	-	-	-	-	-	5.9	-	5.9
Lease liabilities	-	146.0	-	146.0	-	149.1	-	149.1
Current portion of lease liabilities	-	33.0	-	33.0	-	31.7	-	31.7
Commodity derivatives, hedge accounting	-	0.1	-	0.1	-	0.6	-	0.6
Current liabilities
Interest-bearing loans	-	201.8	-	201.8	-	68.3	-	68.3
Other liabilities	-	23.7	-	23.7	-	27.4	-	27.4
Currency derivatives	-	4.5	-	4.5	-	3.3	-	3.3
Currency derivatives, hedge accounting	-	3.1	-	3.1	-	0.2	-	0.2
Commodity derivatives, hedge accounting	-	0.6	-	0.6	-	2.1	-	2.1
Trade payables	-	223.8	-	223.8	-	222.0	-	222.0
Total	-	1,155.7	-	1,155.7	-	1,026.1	-	1,026.1

Fair value of financial liabilities
‌Business combinations

2026: The acquisition of REPUR S.r.l. in Italy

On August 4, 2026, Kemira completed the acquisition of REPUR S.r.l., an Italy-based provider of activated carbon reactivation services for municipal and industrial water treatment applications. Kemira acquired 100% of the shares in REPUR S.r.l. REPUR's revenue was slightly over EUR 5 million in 2025 and it employs 21 people.

The acquisition calculation in accordance with IFRS 3 is preliminary. The fair values of the acquired net assets and goodwill may change during the 12-month measurement period, after which the acquisition calculation will be finalized. The total purchase price was EUR 12.4 million and did not include any contingent consideration. Based on the preliminary acquisition calculations, EUR 3.8 million has been allocated to an intangible asset related to customer contract. The acquisition also includes other identifiable net assets acquired at the acquisition date. Preliminary goodwill is EUR 5.5 million and it arises mainly from the expected synergies from the acquisition.

The acquired REPUR S.r.l. was consolidated into the Water Solutions segment in Q3 2026.

2026: The business acquisition of ANMAC Water Treatment Service, Inc. in the US

On July 23, 2026, Kemira acquired the business and related assets of ANMAC Water Treatment Service, Inc., a privately-owned company based in California, USA. The acquisition strengthens Kemira's position in North America and supports its growth in industrial water treatment services which is growing faster than traditional water treatment markets.

The transaction includes ANMAC Water Treatment Service, Inc.'s operations, customer contracts and related assets. The company provides water treatment solutions for preventive pinhole corrosion protection to larger residential and commercial buildings such as large multi-unit apartments, senior living buildings, hospitals, larger office buildings and hotels. The business generated revenue approximately USD 8.5 million in 2025 and employs 19 people.

calculations, EUR 19.2 million has been allocated to intangible assets related to customer relationships and a non-compete agreement. The acquisition also includes other identifiable net assets acquired at the acquisition date. Preliminary goodwill is EUR 8.0 million and it arises mainly from the expected synergies from the acquisition.

The acquired business of ANMAC Water Treatment Service, Inc. was consolidated into the Water Solutions segment in Q3 2026.

2026: The business acquisition of Clear Water Technologies, LLC in the US

On June 16, 2026, Kemira acquired the business of Clear Water Technologies, LLC. Clear Water Technologies, LLC is a privately-owned company based in California, USA. The transaction includes Clear Water Technologies' service operations, customer relationships and related assets. Clear Water Technologies provides boiler & cooling tower services to light industrial customers in California. The business's 2025 revenue slightly exceeded USD 3 million, and it employs 12 people.

The acquisition calculation in accordance with IFRS 3 is preliminary. The fair values of the acquired net assets and goodwill may be adjusted during the 12-month measurement period, after which the acquisition calculation will be finalized. The total purchase price was EUR 7.0 million and did not include any contingent consideration. Based on the preliminary acquisition calculations, EUR 4.9 million has been allocated to an intangible asset related to customer relationships and non-compete agreement. The acquisition also includes other identifiable net assets acquired at the acquisition date. Preliminary goodwill is EUR 1.6 million and it arises mainly from the expected synergies from the acquisition.

The acquired business of Clear Water Technologies, LLC was consolidated into the Water Solutions segment in Q2 2026.

2026: The acquisition of SIDRA Wasserchemie in Germany

On February 11, 2026, Kemira announced that it plans to acquire SIDRA Wasserchemie, a coagulant producer with two production facilities in Germany and serving customers in Germany, Belgium and the Netherlands. The purchase price is approximately EUR 75 million, subject to usual purchase price adjustments. In 2025, SIDRA Wasserchemie's reported revenue was approximately EUR 42 million and EBITDA approximately EUR 12 million, and the company employed approximately 60 employees.

On October 1, 2026, Kemira completed the acquisition of SIDRA Wasserchemie, following an approval from the German Federal Cartel Office. The acquisition is a subsequent event after the reporting period and has therefore not been included in the figures reported in this interim report. The preparation of the acquisition calculation is ongoing.

2026: The business acquisition of Aqua Blue Inc. in the US

In Q1 2026, Kemira acquired Aqua Blue Inc. business in Ohio, USA. AquaBlue Inc. provides wastewater and industrial water treatment services for customers in food & beverage, manufacturing and healthcare. The acquisition was not material to Kemira's consolidated income statement and balance sheet.

The acquisition calculation in accordance with IFRS 3 is preliminary. The fair values of the net assets and goodwill may change during the 12-month measurement period, after which the acquisition calculation will be finalized. The total purchase price was EUR 6.3 million of which EUR 5.5 million was paid in cash in Q1 2026. In addition, the purchase price includes contingent consideration of EUR 0.9 million, which will be paid later if the agreed conditions are met. Based on preliminary acquisition calculations, EUR 4.6 million was allocated to intangible assets related to customer relationships and non-compete agreement. The acquisition also includes other identifiable net assets acquired at the acquisition date. A preliminary goodwill of EUR 0.8 million arises mainly from the expected synergies.

The acquired business of Aqua Blue Inc. was consolidated into the Water Solutions segment in Q1 2026.

2025: The acquisition of Water Engineering Inc. in the US

In Q4 2025, Kemira acquired Water Engineering, Inc., a company specialized in water treatment services with its headquarters in Nebraska, USA.

The purchase price of the shares in cash is 126 million euros, of which an amount of 1 million euros will be paid at a later date and the purchase price is subject to the usual purchase price adjustments. The purchase price does not include any contingent consideration. Kemira's ownership interest in the acquired company is 97 percent and Water Engineering CEO remains a minority shareholder with an ownership interest of 3 percent. The transaction includes a put option relating to the redemption of the Water Engineering CEO's minority interest. The

obligation related to the put option has been recognized as a financial liability on the balance sheet.

Water Engineering is a leading provider of water treatment chemicals, consultation and services, including analytics and testing, water management, legionella management and water treatment equipment among others. Through its 14 facilities, the company serves a diverse range of customers in sectors such as food & beverage, manufacturing and healthcare and has a nationwide presence in the USA. The acquired company employs approximately 180 people. The acquisition strengthens Kemira's strategic position in the North American market and also expands its capabilities in water treatment services.

The acquired Water Engineering Inc. company has been consolidated into Kemira's consolidated financial statements and Water Solutions segment in Q4, 2025. A preliminary goodwill of EUR 59 million arises from entering a new market area and expected synergies. A deferred tax asset of EUR 21.3 million has been recognized for tax-deductible goodwill in accordance with local tax legislation. In addition, a deferred tax liability of EUR 13.3 million has been recognized on the fair value allocation to intangible assets. Deferred tax assets and liabilities are presented on the balance sheet on a net basis (EUR 8.0 million).

The acquisition calculation in accordance with IFRS 3 is preliminary. The fair values of the net assets and goodwill may change during the 12-month measurement period, after which the acquisition calculation will be finalized. Based on preliminary acquisition calculations, EUR 52 million was allocated to intangible assets such as customer relationships and non-compete agreement.

The following table presents a summary of the consideration transferred for Water Engineering Inc. and the assets recognized and liabilities assumed at the acquisition date.

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